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New lease of life for local rubber plantation industry:

Continental AG partners Eu-Retec

Continental AG, the world’s fourth largest tyre manufacturer recently entered into a strategic alliance with the local solid tyre manufacturer, Eu-Retec (Pvt) Limited.

Under this new venture Eu-Retec will expand its product portfolio with Continental AG which is a multi billion dollar company with annual sales over Euro 25 billion and has over 200 production sites in Europe, North America, South America, Africa and Asia.

Anurath Abeyratne and Dr. Michael Maertens exchanging the agreements.

Eu-Retec (Pvt) Limited is an ISO certified, BOI venture producing Industrial solid tyres, which are used for forklifts and other material- handling equipment

The company’s products are exported to buyers around the world, from the USA to Europe, Australia, Canada, Hongkong and Singapore.

Managing Director of Eu-Retec (Pvt.) Ltd Anurath Abeyratne said the new alliance would bring good news to the rubber industry as its rubber consumption stands at four times the total rubber production in Sri Lanka, and is bound to continuously expand with its diversification into many types of rubber based products and new markets.

“The rural rubber plantation industry, which is the lifeline of many communities, today faces a big crisis. However, with the increased demand due to the new partnership, Sri Lanka has every opportunity to bring the rubber industry back on its feet and boost it to growing heights. Sri Lankan growers can take hope, as the joint venture between Eu-Retec and Continental will be sourcing rubber for many products now in the pipeline,” he said.

Sri Lanka’s capability to provide low cost, high quality rubber and rubber products is an extensive source that the joint venture will be keenly looking at.

Whilst this is the first time that such a large global player has chosen to invest in Sri Lanka, it is evident from this investment that Sri Lanka is considered a safe and stable destination to invest.

He said that the future potential of Sri Lanka’s rubber industry, the Government policy under President Mahinda Rajapaksa and introduction of Export Development Reward Scheme (EDRS) are attractions to companies such as Continental AG.

Dr. Michael Maertens who will become the Chairman of Eu-Retec (Pvt.) Ltd under the new agreement said that the commitment for quality had brought many accolades to Eu-Retec in the competitive market and it even helps the company to stand steady even at a time of global economic slowdown.

 

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